Pinnacle Financial Partners (NASDAQ:PNFP) Announces Earnings Results

Pinnacle Financial Partners (NASDAQ:PNFPGet Rating) announced its earnings results on Monday. The financial services provider reported $1.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.57 by $0.08, MarketWatch Earnings reports. The firm had revenue of $342.97 million for the quarter, compared to analyst estimates of $347.34 million. Pinnacle Financial Partners had a return on equity of 10.69% and a net margin of 36.96%. The business’s revenue was up 8.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.61 EPS.

Shares of NASDAQ:PNFP traded up $1.07 during midday trading on Tuesday, hitting $86.20. The company’s stock had a trading volume of 3,286 shares, compared to its average volume of 451,907. The business’s 50 day simple moving average is $94.33 and its 200 day simple moving average is $97.46. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.87 and a current ratio of 0.87. The company has a market cap of $6.58 billion, a P/E ratio of 12.75 and a beta of 1.16. Pinnacle Financial Partners has a 12-month low of $83.06 and a 12-month high of $111.31.

In other Pinnacle Financial Partners news, CAO Hugh M. Queener sold 8,064 shares of Pinnacle Financial Partners stock in a transaction dated Monday, March 14th. The shares were sold at an average price of $95.20, for a total transaction of $767,692.80. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman Robert A. Mccabe, Jr. sold 2,558 shares of Pinnacle Financial Partners stock in a transaction dated Monday, January 24th. The stock was sold at an average price of $99.56, for a total transaction of $254,674.48. The disclosure for this sale can be found here. Over the last three months, insiders sold 19,546 shares of company stock worth $1,911,763. Insiders own 2.10% of the company’s stock.

A number of hedge funds have recently modified their holdings of the business. BlackRock Inc. grew its holdings in shares of Pinnacle Financial Partners by 7.1% in the fourth quarter. BlackRock Inc. now owns 6,830,309 shares of the financial services provider’s stock valued at $652,295,000 after purchasing an additional 454,881 shares in the last quarter. Millennium Management LLC grew its holdings in shares of Pinnacle Financial Partners by 245.4% in the fourth quarter. Millennium Management LLC now owns 199,193 shares of the financial services provider’s stock valued at $19,023,000 after purchasing an additional 141,515 shares in the last quarter. D. E. Shaw & Co. Inc. grew its holdings in shares of Pinnacle Financial Partners by 754.7% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 29,181 shares of the financial services provider’s stock valued at $2,787,000 after purchasing an additional 25,767 shares in the last quarter. Morgan Stanley grew its holdings in shares of Pinnacle Financial Partners by 34.2% in the second quarter. Morgan Stanley now owns 98,240 shares of the financial services provider’s stock valued at $8,673,000 after purchasing an additional 25,025 shares in the last quarter. Finally, Allianz Asset Management GmbH grew its holdings in shares of Pinnacle Financial Partners by 6.0% in the fourth quarter. Allianz Asset Management GmbH now owns 216,318 shares of the financial services provider’s stock valued at $20,658,000 after purchasing an additional 12,307 shares in the last quarter. 81.12% of the stock is currently owned by institutional investors.

Several equities analysts have issued reports on PNFP shares. Jefferies Financial Group started coverage on shares of Pinnacle Financial Partners in a report on Thursday, April 7th. They set a “hold” rating and a $100.00 price objective on the stock. Wells Fargo & Company decreased their price objective on shares of Pinnacle Financial Partners from $145.00 to $130.00 and set an “overweight” rating on the stock in a report on Monday, March 21st. Zacks Investment Research raised shares of Pinnacle Financial Partners from a “hold” rating to a “buy” rating and set a $119.00 price objective on the stock in a report on Wednesday, January 12th. Finally, StockNews.com started coverage on shares of Pinnacle Financial Partners in a report on Thursday, March 31st. They set a “hold” rating on the stock. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $115.33.

About Pinnacle Financial Partners (Get Rating)

Pinnacle Financial Partners, Inc, together with its subsidiaries, operates as the bank holding company for Pinnacle Bank that provides various banking products and services in the United States. The company accepts various deposits, including savings, checking, noninterest-bearing and interest-bearing checking, money market, and certificate of deposit accounts.

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Earnings History for Pinnacle Financial Partners (NASDAQ:PNFP)

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